Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $14.4 million loan to retire construction financing for the 801 Pearl class A apartments located at 801 Pearl Street in the heart of La Jolla Village.
The recently completed, two-story Pearl Street complex features a mix of modern studios, 1-bedroom and 2-bedroom apartments and includes approximately 3,400 square feet of street level commercial space. The property sits on a high-barrier-to-entry, infill location in a pedestrian-friendly district offering restaurant, entertainment, and natural amenities including the nearby Windansea Beach and La Jolla Cove.
Gantry’s George Mitsanas, Principal, and Doug Tisdale, Director, with the firm’s Los Angeles (El Segundo) production office represented the borrower, a private real estate investor. The financing was secured through a life company lender and features a variable rate tied to SOFR and interest-only terms.
According to Gantry’s Doug Tisdale, “801 Pearl is a high-quality infill development delivered into the heart of one of California’s most desirable coastal communities with strong, long-term fundamentals for multifamily housing. Gantry worked with the project’s experienced developer to fund the project’s original construction loan, which had reached maturity as the project moved into occupancy. Through a comprehensive analysis of various financing options available in the current marketplace, our team identified a cash neutral life company, non-recourse financing structured as a two-year, floating rate bridge loan with interest only payments as the right fit for the project, with favorable terms reflecting the success of its leasing program to date and pending occupancy of the street level commercial space. Even in a tough market cycle, Gantry continues to identify viable loan programs from a broad roster of lenders across the full spectrum of debt providers to meet specific investor goals and support well planned and managed projects.”
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